The Accounting Equation

The following shows the order of the accounts in the accounting system. However, only $6,000 is in cash because the other $4,000 is still owed to Andrews. The Irish Red style has only moderate to high bitterness. So, in the examples below, debits are in red and credits are in green. Also, losses are included […]

9 Essential Steps for Setting Up a Construction Accounting System

It’s hard to protect your margins on the job without being able to see how it’s performing in real-time. WIP reports make it easier to get an overview of each project’s budget, percent complete, actual costs to date, and more, so you can see if it’s overbilled or underbilled. One of the key benefits of […]

Church Finances Made Simple: Your Guide to Faithful Bookkeeping

If your organization lacks the personnel to separate these duties, utilize vetted volunteers to assist in those roles. Blinding trusting a person with widespread control and no oversight of Accounting Periods and Methods their work is a recipe for embezzlement. #3 Have insurance coverage of all assets but also bond key employees who handle cash […]